XRP is a cryptocurrency created by Ripple for fast and cheap asset exchange. Its main goal is to optimize international payments for banks and financial institutions.
Key Features of XRP:
1. Transaction Speed: Transactions take only 3-5 seconds, making it one of the fastest crypto assets.
2. Low Fees: Fees are minimal (on average $0.0002 per transaction).
3. RippleNet Payment Network: Allows banks and payment providers to send money across borders without the complexities of currency conversion.
4. Inflation Resistance: The total supply of XRP is limited (100 billion coins), and no new coins are issued.
XRP is often used for liquidity in remittance systems and reducing costs of traditional bank transfers. However, due to legal disputes with the SEC in the USA, the cryptocurrency faces volatility and reputational risks.